Composite Packaging Market: An Overview
Composite Packaging material is composed of hybrid material for packaging which provides multiple properties or combined properties to the packaging material. Since the rise in e-commerce and retail industries, many products require effective packaging such as strength, protection, durability, ease in handling and transportation and this kind of properties are provided by Composite Packaging and therefore, the market is expected to flourish during the forecast period. There are many features of using Composite Packaging such as strength to weight ratio, increase in the shelf life of the products and barrier properties to protect the product from damage and degradation.
As many end-use industries are on the rise such as Personal care, Pharmaceutical, Healthcare, and Cosmetics, it is anticipated that the future of the Composite Packaging market is prominent and the market will grow substantially in terms of value as well as volume during the forecast period. Over recent years, the horizon of consumers is shifted to online shopping which also expected to create a lucrative market for Composite Packaging.
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Composite Packaging Market: Dynamics
The factors which drive the Composite Packaging market are change in lifestyle, increase in demand for premium consumer products, a rise in e-commerce & retail business and an increase in transportation and logistics business.
The factors which restrain the Composite Packaging market are fluctuation in the cost of raw materials and various laws & regulations of government and the World Health Organization (WHO) on the usage of materials.
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Composite Packaging Market: Segmentation
The Composite Packaging market is segmented on the basis of the type of products and end-use industry.
The Composite Packaging market is segmented on the basis of the type of products as
- Aluminium foil composite
- Aluminium plastic composite
- Kraft paper aluminum foil composite
The Composite Packaging market is segmented on the basis of the end-use industry as
- Food and Beverage
- Industrial goods
- Consumer goods
- Personal care
- Electricals and Electronics
Composite Packaging Market: Regional Outlook
On a global scale, North America is the largest share contributor in the Composite Packaging market in terms of both value as well as volume and expected to remain dominating during the forecast period due to enhancement in retail and e-commerce business over recent years. Europe is the second-largest share contributor in the Composite Packaging market and expected to have a gradual growth rate during the forecast period since the concern over the sustainability has increased among the people of this particular region over recent years.
Asia-Pacific region especially China, Japan, and India are expected to have the highest growth rate during the forecast period due to an increase in demand for food and beverage products, improvement in lifestyle of middle-class members, increase in disposable income and consumer’s expenditure capacity. Latin America, Middle East & Africa and Oceania are the regions which are expected to have a moderate growth rate in Composite Packaging market during the forecast period due to emerging economies, key players from North America and Europe are expanding their market by investing in such regions and increase in investment capacity of the regional players of this particular region.
Composite Packaging Market: Key Players
Some of the key players in the Composite Packaging market are Amcor Limited, DS Smith Plc., Mondi Plc., Smurfit Kappa Group, Sonoco Products Company, Crown Holdings, Sealed Air Corporation, Universal Packaging Ltd, Najmi Industries, Universal Packaging, and SOTA Packaging Pty Ltd.
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